October 15, 1966 cost in line with the average revenue received from sales abroad. Now, if this is the typical picture of these industries, then it can make a good case for appropriate devaluation. One cannot consistently hold the position that (a) these goods are the ones with "sizeable export potential", (b) subsidies are very poor inducements to export, but (c) one should devalue up to a point where these goods would need some subsidies anyway.